A Study On The Impact Of The Reform Of State-owned Capital Authorized Management System On The Investment Efficiency Of Enterprises

As the basis of reform,the Third Plenary Session of the 18 th Central Committee of the CPC made new arrangements for deepening the reform of state-owned enterprises,taking "capital management" as the main line to lead the direction of change,and improving the state-owned assets management system.As a result,the reform of the system for the authorized operation of state capital began.Guiding policies and plans were issued one after another,and pilot programs for central and local state capital investment and operation companies also flourished.In addition,China’s economy is transforming from "high growth" to "high-quality" development mode.How to improve the investment efficiency of state-owned enterprises,optimize the allocation of resources,and enhance the quality of development deserves attention.Therefore,it is of practical significance to explore the effect of state-owned capital authorized management system reform from the perspective of enterprise investment efficiency.Based on the research and analysis of property rights theory,principal-agent theory and government intervention theory,this paper explores the influence of state-owned capital authorized management system reform on enterprise investment efficiency.Considering that the internal and external governance environment of enterprises may affect the performance of reform effect,The moderating effects of equity incentive,board independence degree and regional marketization degree on the reform effect are further discussed.On the basis of theoretical analysis,this study takes Shanghai and Shenzhen A-share local state-owned listed companies from 2012 to 2021 as research samples,and uses the differential method to empirically test the effect of this reform on the investment efficiency of enterprises.On the basis of grouped regression,this thesis discusses the difference of the influence between enterprises with and without equity incentive,between enterprises with higher degree of board independence and enterprises with lower degree of board independence,and between regions with higher degree of regional marketization and regions with lower degree of regional marketization.The results show that the reform of state-owned capital authorized management system has a significant effect on improving the investment efficiency of local state-owned enterprises.Compared with the local state-owned enterprises without equity incentive,the improvement effect of reform on investment efficiency is more significant in the enterprises with equity incentive.In addition,the improvement effect of reform on investment efficiency is more significant in enterprises with a higher degree of board independence and in regions with a lower degree of regional marketization.From the perspective of micro-enterprise investment efficiency,this paper explores the effect of reform,which not only provides a large sample of empirical evidence for the positive impact of reform,but also provides a reference for facilitating the in-depth promotion of reform.